United States Oil Fund, LPUSO
NYSEArca
USO seeks to achieve its investment objective by investing primarily in futures contracts for light, sweet crude oil, other types of crude oil, diesel-heating oil, gasoline, natural gas, and other petroleum-based fuels.
United States Oil Fund (USO) reported trailing twelve months revenue of $887.78M as of March 2026, a 2749.9% increase year-over-year. Quarterly revenue reached $986.39M, reflecting continued top-line momentum.
United States Oil Fund generated $878.79M in TTM net income, with quarterly EBITDA of $983.75M. The operating margin expanded from 95.0% to 99.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (99.7%) and net margin (99.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 95.0% a year ago, signaling stronger bottom-line efficiency.
USO trades at a P/E of 2.3x (below the broader market average) and a P/S of 2.2x. The price-to-book ratio of 0.8x suggests the stock trades below its book value.
The company generated $631.81M in free cash flow over the trailing twelve months, a 2416.3% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $2.74B in total assets with no in long-term debt against $2.64B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~97.6%, suggesting durable pricing power and cost discipline.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
5 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has grown modestly overall (~169.1%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~99.6% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.
Shares decreased 7.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation